let's bring in craig burger managing director with fdr capital markets. great to have you with us. >> good morning. >> the fear about how much they will spend this year, is that a reason for the stock to go down 6%? >> that is a reason for the stock to be down 6 prsz. they're spending $13 billion in capital. even $11 billion for this year, following $11 billion last year, it's a lot. it's going to pressure gross margins in the coming years. it's not a today problem. but with no pc unit growth to spend that much capital, is a little concerning. >> let's delve into the numbers then. you say that based on 2013 guidance, you are expecting some sort of a bounce in pc shipments in the second half of 2013. will that help at all? >> the macro is baked into their guidance. it will help a little bit. you're still looking at pc unit growth this year between 0% and 5%. 5% being the good case. and so the company's annual depreciation is only $7 billion. now they're having two years in a row at $11 billion and $13 billion. that depreciation is going to go up, pressure